This Week's Chicago Deal Sheet
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Not all is wine and roses in the East-West Corridor. A Naperville office building recently sold for 29% less than its pre-recession price.
Sperry Equities bought Washington Commons (shown) for $18M. The seller, EverWest, bought the asset for $25.2M in 2007, but defaulted on the building's loan in 2011. Rents in that part of the East-West Corridor haven't returned to their pre-crash levels, but Sperry believes it can capitalize on the asset as a market-timing play.
CBRE Hotels’ Nate Sahn, Brian Silberman, Stanley Wang and Scott Miller repped Metro Commons Hospitality in the sale of the Holiday Inn Express & Suites Chicago West at 200 S Mannheim Rd in Hillside (pictured). Jonathan Rice and Mohsin Azmi of CBRE Hotels’ debt and structured finance team arranged the financing.
CBRE’s Kevin Grove, Doug Butcher and Chris Riley repped the JV of Molto Properties and Verus Partners in the sale of Airport Commerce Center One, a 622k SF cross dock facility in Louisville, KY. The buyer was Stone Mountain Industrial Park.
Interra Realty’s Craig Martin repped both parties in the $3.6M sale of 5910 N Sheridan Rd, a 36-unit multifamily property (pictured) in Chicago. The buyer was Horizon Realty. The seller was an out-of-state investor.
Kiser Group completed the following transactions, totaling over $33M in volume:
- Bill Baumann repped both parties in the $1.6M sale of 4745 N Hermitage, a nine-unit apartment building in Ravenswood.
- John Meyer and Brian Mond repped both parties in the $5.9M sale of the Rosemont Portfolio, a multifamily portfolio consisting of 12 buildings and 72 units total.
- John Meyer repped both parties in the $615k sale of 688 Green Bay Rd in Winnetka.
- Danny Mantis and Michael D’Agostino repped both parties in the $1.4M sale of 32 bulk condominiums at 2545-55 W Fitch.
- Brian Mond repped both parties in the $2.2M sale of 3133-39 W Lawrence Ave, a 21-unit property in Albany Park.
- Noah Birk and Michael D’Agostino repped both parties in the $225k sale of 10 residential condos and one commercial condo at 7201-15 S Yates in South Shore.
- John Meyer repped both parties in the $7.23M sale of North Shore Portfolio, a four-property portfolio consisting of 27 townhouse-style units in Winnetka and Wilmette.
- Michael D’Agostino repped both parties in the $676k sale of 2445 N Clybourn, a five-unit property in Lincoln Park.
Marcus & Millichap completed the following transactions:
- Dominic Sulo and Matthew Wenger repped both parties in the $1.6M sale of a 6,889 SF Advance Auto Parts in Wood River, IL.
- Tami Andrew and Tammy Saia repped the seller of a 6,412 SF office building in Darien (shown). The sale price was $650k. Tammy Saia and Joseph Mirante also secured and repped the buyer, a personal trust.
- Sean Delaney and Michael Mele repped both parties in the sale of Barry’s Storage, a 76k SF self-storage facility in Decatur, IL.
Paine Wetzel’s Bill Kerrins and Terry Lynch repped Leggett & Platt in relocating its offices from 5950 W 51st St to 205 W Wacker Dr (pictured), where the firm will occupy 17k SF on the ninth and 10th floors.
Nicholson, Porter & List’s Mark Barbato and Adam Stokes repped Panattoni Development in leasing a 274k SF spec building at 355 Corporate Center in Lockport (shown) to UPS. The tenant was repped by Jupiter Realty Services’ Frank and Matt Minik.
ASC’s Alexander Rek arranged $1.2M in financing on behalf of The LIHTC Group for a 36-unit multifamily property in Ft. Myers, FL.
SomerCor 504 completed 10 SBA 504 financing deals in the Chicagoland area:
- A Child's Place obtained $820k in financing for a property purchase at 26705 W Commerce Dr, Volo.
- Anguleries Technologies acquired $260k in financing for 21k SF at 70-74 S Grove Ave, Elgin.
- Goldfish Swim School obtained $705k to purchase a warehouse at 12315 S Rhea Dr, Plainfield.
- Ivy Garden Early Learning Center acquired $2.2M to open a fifth daycare center location at 1455 S Michigan Ave, Chicago.
- Johler Demolition obtained $598k to purchase a 27k SF industrial facility in 125 W Boeger Dr, Arlington Heights.
- Michael & Michael HAIR acquired $1.1M to purchase a 3,500 SF mixed-use commercial building at 363 W Chicago Ave, Chicago.
- R & J Trucking and Recycling acquired $779k in financing for a 197k SF warehouse/office building at 6650 S Oak Park Ave, Bedford Park.
- Righthand Technologies acquired SBA 504 financing for the purchase of a 25k SF commercial building at 4611 N Olcott Ave, Harwood Heights.
- The Tinman’s Garage acquired $113k in financing to purchase a 6,794 SF industrial building at 500 E State St, Sycamore.
- Xtreme Dance Center acquired $600k in SBA 504 financing to purchase a 15k SF retail strip center at 1911 Glacier Park, Naperville.
NorthPoint Capital Funding’s Mark Perkowski secured $7M in refinancing for the The Whitcomb Senior Living Community, a 134-unit senior living facility in St. Joseph, MI.
Cushman & Wakefield recruited Sean Kropke as executive director. Sean comes to Cushman & Wakefield from CBRE, where he started his career in 1993 and has specialized in the north suburban office market.
RE/MAX Northern Illinois announced Jack Kreider was named EVP and regional director. He’ll oversee the day-to-day operations of RE/MAX Northern Illinois, succeeding Jim Merrion, who is retiring after 13 years in that role.
The Missner Group promoted the following team members:
- Barry Missner, who has served as The Missner Group president, has taken on the role of CEO.
- Glen Missner, formerly EVP, will now serve as president.
- Edward Adler, previously SVP of acquisitions and development, is now EVP.
- Drue Stoehr, who was VP of construction, will take on the role of VP of new project development and estimating.
- Uros Stojakovic, formerly senior project engineer, will now serve as project manager.
- Heath Yarger, previously project engineer, has been promoted to senior project engineer.
Wright Heerema Architects announced Rick Fawell joined as principal. A 35-year veteran, Rick comes to the firm from VOA, where he served as a design principal and group leader for more than two decades, including managing principal for the VOA China offices in both Beijing and Shanghai.
@properties Commercial won six 2015 Top Commercial Producers awards from CommercialForum. The awards ceremony was held last month at The Drake Hotel. @properties Commercial took home three of 13 total Platinum Commercial awards. Winners included Kevin Rocio (industrial rental gross square feet) and Larry Cohn (industrial sales volume and office rental transactions). Larry also received a Silver Commercial award for industrial sales number of transactions. Other @properties Commercial award winners include Ian Feinerman and Michael Weber, who won a Gold Commercial award for retail sales volume and a Silver Commercial award for retail sales number of transactions.